BRISTOL MYERS SQUIBB CO
BMY evidence brief
What we can confirm
- BioSniper Score:
- 8.0 / 10
- Market Cap:
- $132.14B
- Lead Asset:
- belatacept (Phase 3)
What it means
What to watch
Prepared research question
What matters most for BMY—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · BMY
Bristol Myers Squibb (BMY) is a global biopharmaceutical company focused on discovering and delivering transformational medicines across oncology, cardiovascular, neuroscience, hematology, and immunology, while navigating a period of transition with upcoming patent expirations and a data-rich pipeline.
Key risk: Patent expirations on key products
BioSniper Score
Based on 5 of 6 signals
Market Cap
$132.14B
Cash Runway
—
Lead Asset
belatacept (Phase 3)Next Catalyst
Phase2_Start · Oct 30, 2026Financial data as of Jun 30, 2026.
Tracking 20 pipeline candidates · 231 clinical trials · 13 catalysts · 18 FDA decisions for BRISTOL MYERS SQUIBB CO.
Bristol Myers Squibb (BMY) is a global biopharmaceutical company focused on discovering and delivering transformational medicines across oncology, cardiovascular, neuroscience, hematology, and immunology, while navigating a period of transition with upcoming patent expirations and a data-rich pipeline.
- Cash & equivalents of $8,722.0M as of 2026-06-30 [sec]
- Total revenue of $12,973.0M and net income of $3,317.0M as of 2026-06-30 [sec]
- Growth Portfolio grew by 17% in 2025, representing 55% of total 2025 revenues [sec · filed 2026-03-25]
- Pipeline includes over 20 early-stage assets and 25+ approvals in the U.S., E.U., JP & CN [sec · filed 2026-03-25]
- FDA accepted NDAs for iberdomide (PDUFA Aug 17, 2026) and mezigdomide (PDUFA May 13, 2027) in RRMM [sec_mda · as of 2026-07-30]
What works
- Growth Portfolio grew 17% in 2025 and now accounts for 55% of total revenues, indicating successful commercial execution on newer assets [sec · filed 2026-03-25]
- Strong financial position with $8.7B cash and $22.3B shareholders' equity as of 2026-06-30, providing flexibility for investment and business development [sec]
- Multiple near-term launch opportunities and a rich pipeline with over 20 early-stage assets and several late-stage programs [sec · filed 2026-03-25]
- Strategic acquisitions and partnerships (e.g., Orbital Therapeutics, BioNTech, Philochem) are diversifying cell therapy, radiopharmaceutical, and oncology portfolios [sec · filed 2026-03-25]
What to weigh
- Company faces upcoming loss of exclusivity on multiple products, including patent expiries for apixaban (2031), daclatasvir (2031), and paclitaxel (2034) [sec · filed 2026-03-25]
- Only 13 of 26 priority studies exceeded operating targets in 2025, indicating mixed R&D execution [sec · filed 2026-03-25]
- Legacy Portfolio is relied upon for free cash flow, but its contribution will decline as patents expire, creating a transition risk [sec · filed 2026-03-25]
- Pipeline score for 2025 was a 3 out of 5 (target), reflecting only on-target performance despite some high-value approvals [sec · filed 2026-03-25]
From the filings
Quoted directly from source documents.
Growth Portfolio grew 17% in 2025 and represents 55% of total revenues
“In 2025, the Growth Portfolio grew by 17%, representing 55% of total 2025 revenues.”
SEC filings · March 25, 2026
FDA accepted NDA for iberdomide with PDUFA date August 17, 2026
“FDA acceptance of our NDA for iberdomide in RRMM with a PDUFA date of August 17, 2026”
SEC MD&A · July 30, 2026
Catalyst timeline
- 2026-10-30 · Phase2_Start — BMS-986511 for Major Depressive Disorder — A Phase 2, randomized, double-blind, placebo-controlled monotherapy study evaluating efficacy and safety in participants with major depressive disorder.
- 2026-12-16 · Phase3_Start — Admilparant for Pulmonary Fibrosis — An open-label, multi-center, long-term extension study to evaluate long-term safety and tolerability in participants with pulmonary fibrosis.
- 2026-12-31 · Phase3_Start — Deucravacitinib Continuation for SLE/SjD/PsO/PsA — A continuation protocol for deucravacitinib in adult patients with SLE or Sjögren's disease and pediatric patients with psoriasis or psoriatic arthritis who have completed parent studies.
- 2027-02-03 · Phase3_Start — BMS-986353 CAR-T for Systemic Sclerosis — A Phase 3, randomized, open-label study comparing CD19-targeted NEX-T CAR T cells versus standard of care in participants with active systemic sclerosis.
- 2027-02-10 · Phase1_Start — BMS-986446 in Healthy Chinese Participants — A Phase 1, double-blind, randomized, placebo-controlled, single-dose study to evaluate pharmacokinetics, immunogenicity, safety, and tolerability.
- 2031-02-24 · Patent_Expiry · APIXABAN — Patent expiry for apixaban (NDA202155).
- 2031-06-13 · Patent_Expiry · DACLATASVIR DIHYDROCHLORIDE — Patent expiry for daclatasvir dihydrochloride (NDA206843).
- 2034-01-12 · Patent_Expiry · PACLITAXEL — Patent expiry for paclitaxel (NDA021660).
Risks & what to watch (3)›
Key risks
- Patent expirations on key products — Loss of exclusivity for apixaban (2031), daclatasvir (2031), and paclitaxel (2034) will reduce legacy portfolio cash flow [sec]
- Mixed R&D execution — Only 13 of 26 priority studies exceeded operating targets in 2025, indicating inconsistent pipeline progress [sec · filed 2026-03-25]
- Transition dependency on Growth Portfolio — Company must successfully transition from legacy products to Growth Portfolio to sustain revenue, but Growth Portfolio is still only 55% of total [sec · filed 2026-03-25]
What to watch
- FDA PDUFA decision for iberdomide in RRMM on August 17, 2026 [sec_mda · as of 2026-07-30]
- Phase 2 start of BMS-986511 for major depressive disorder on 2026-10-30 [catalyst]
- Phase 3 start of admilparant for pulmonary fibrosis on 2026-12-16 [catalyst]
- Phase 3 start of deucravacitinib continuation study for SLE/SjD/PsO/PsA on 2026-12-31 [catalyst]
Sources: SEC filings · SEC MD&A · Generated October 8, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
D/E 2.93 · 0% dilution
Lead: Approved
20 candidates
13 upcoming, next in ~16d
0 buys · 1 sell (180d)
Catalysts
Pipeline
Regulatory
Financials
Short Interest
as of May 20, 2026- % of float
- 1.5%
- Days to cover
- 3.1
- Shares short
- 31,330,595
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
BMY short interestGovernance
Frequently asked questions
What is the AI investment thesis for BRISTOL MYERS SQUIBB CO?
Bristol Myers Squibb (BMY) is a global biopharmaceutical company focused on discovering and delivering transformational medicines across oncology, cardiovascular, neuroscience, hematology, and immunology, while navigating a period of transition with upcoming patent expirations and a data-rich pipeline.
What is BRISTOL MYERS SQUIBB CO's lead drug candidate?
BRISTOL MYERS SQUIBB CO's most advanced tracked candidate is belatacept (Phase 3) for Renal Allograft Recipients.
What is BRISTOL MYERS SQUIBB CO's next catalyst?
BRISTOL MYERS SQUIBB CO's next tracked catalyst is a Phase2_Start event — "Phase2_Start: A Phase 2, Randomized, Double-Blind, Parallel-Group, Placebo-Controlled, Monotherapy, Multicenter Study to Evaluate the Efficacy and Safety of BMS-986511 in Two Sequential Parts in Participants With Major Depressive Disorder" — expected October 30, 2026.
Who is the CEO of BRISTOL MYERS SQUIBB CO?
Dr. Christopher S. Boerner Ph.D. is the chief executive officer of BRISTOL MYERS SQUIBB CO (BMY).
Where is BRISTOL MYERS SQUIBB CO headquartered?
BRISTOL MYERS SQUIBB CO (BMY) is headquartered in Princeton, NJ, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.